Pak Suzuki submits application for voluntary delisting from PSX

ISLAMABAD: The majority shareholder of Pak Suzuki Motor Company Limited (PSMC), Suzuki Motor Corporation (SMC), submitted an application on Monday to the Securities and Exchange Commission of Pakistan (SECP) seeking approval for the voluntary delisting of PSMC.

In its notice on Monday, PSMC stated that the sponsor and majority shareholder, Suzuki Motor Corporation, Japan (SMC or ‘Sponsor’), aims to achieve complete ownership of the company. This involves purchasing all outstanding shares and securities held by minority shareholders, with the goal of increasing ownership and contemplating the potential delisting of the company from PSX.

“The operations of Pak Suzuki resulted in losses in 2019, 2020, and 2022. It has also resulted in a loss up to the 3rd quarter of this financial year i.e. 2023,” is one of the reasons for desilting.

Therefore, the sponsors of the company believe that it is their responsibility to offer the minority shareholders a fair opportunity to exit so that they can make the best use of their investment in other profitable avenues,” PSMC said.

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